All of the following are acceptable reasons to borrow on the equity from your home except:

Question

Quizplus · Accepted Answer

Borrowing on the equity from your home should be used for investment in your property or for expenses that can increase your financial well-being such as paying for college, home remodeling, or to consolidate high-interest debts. Using it for regular expenses like utility bills is not recommended as it does not generate any long-term financial benefits. Buying a car is also not a good reason to borrow on your home equity as cars depreciate in value and may not be worth the amount borrowed in the long run.

All of the Following Are Acceptable Reasons to Borrow on the Equity